Piper Jaffray Reiterates Overweight on Polycom

Piper Jaffray is out with its report today on Polycom (NASDAQ: PLCM), reiterating Overweight.

In a note to clients, Piper Jaffray writes, "We continue to believe Polycom is executing well and making all the right moves to solidify the company's leadership position in the video conferencing market. We view the announced acquisition of HP's video business as a solid transaction as it eliminates a competitor, strengthens its relationship with HP and provides access to several top notch customers. Based on recent conversations with video conferencing resellers,we believe demand in the June quarter has remained healthy and anticipate Polycom will continue to take share given the company's improved execution coupled with the struggles Cisco is experiencing. We are reiterating our Overweight rating and $64 target on PLCM shares."

Shares of PLCM closed Wednesday at $57.57, up 0.28% from Tuesday's close.